Don’t You Do It!
People’s lives have been disrupted and they have concerns around money. Those concerns may keep them from using your services. As a service provider, you want to bend over backwards to help. I understand. AND, part of my job as a business coach and newsletter writer is to keep you from making mistakes.
What’s the default solution many service providers turn to when they’re presented with a potential client who’s stretched to the limit financially, but who really needs help?
They cut their rates.
I love the positive intention behind it … but don’t do it!
When you do, you devalue yourself and your services. And, you’ll quickly find yourself negotiating with every prospective client to determine what they’re willing and able to pay.
More importantly, you’ll have just adopted a scarcity mentality … and if you’re familiar with the Law of Attraction, that’s never a good idea. It’s not good for you, and it’s not good for the prospective client. Remember, like attracts like, and you don’t want to be a magnet that attracts people with money issues!
So, what can you do?
You can structure access to your services in terms of tiers or packages, so the more they get, the more it costs. In the most affordable package, you still offer a ton of value. It just isn’t the Cadillac.
You can also offer ways to pay over time that ease the burden or offer a discount for paying for a complete package in advance.
And if you have that 1 or 2 special someones who you really want to work with, but they simply can’t afford your most affordable package, you can offer them a “scholarship” where they do pay at a discounted rate. But, it’s the exception.
You decide when to make the offer. It’s not a negotiation.
And when that slot is full, it’s full.
So, there are ways to accommodate folks with a more limited budget.
Just don’t cut your rates.
In my case, I looked at what’s going on in the minds of prospective clients during these uncertain times and I identified the need for a new offering. It’s for business owners who are just getting started and may have limited means and/or are feeling hesitant to dive into something new.
Normally, I want a 6-month commitment to coaching. That’s what it’s truly going to take … at a minimum. Anything less typically doesn’t serve the client.
But for new folks just getting their feet underneath them, I’ve just started offering a 3-month Jump Start program that gives them the fundamentals and sets them on their way in a positive fashion.
One last thing … and it’s important.
I know, in speaking with new coaches and my coaching students that there’s a strong desire on people’s parts to serve others, and if that means making less … or even nothing in some cases … they’re okay with it. They’re willing to sacrifice.
I honor the dedication behind that willingness to contribute, and yet, here’s the question I have.
Are you operating a business … or a ministry?
If it’s a ministry, that’s okay.
Just don’t confuse what you’re doing with running a profit-making business … one you can live on … one that has you feeling fairly compensated and good about what you’re doing as a viable enterprise long term.
Offer a great service at a price that represents good value and let those who are willing and able to pay for it find you.
And if they aren’t finding you, it’s time to take another look at who you’re marketing to and how you’re marketing to them.
There will always be folks with money concerns, but if you’re attracting a lot of folks with money issues, your approach … and maybe your mindset … might just need some tweaking.
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